- The Bitcoin weekly candle closed above the 4-year trend key level.
- This suggests that the long-term outlook remains bullish.
- Reputed analysts expect to see BTC price surge towards much higher ATH targets.
The price of Bitcoin is currently trading in a slightly higher price range than it was last week. At the moment, BTC is trading in the $88,000 price range and is hinting at reclaiming prices in the $90,000 price range. According to one analyst’s observation, the Bitcoin weekly candle closed above the 4-year trend key level. This means that in terms of long-term expectations, the overall outlook is highly bullish.
Bitcoin Weekly Candle Closed Above the 4-Year Trend Key Level
The price of Bitcoin (BTC) has been on a steady decline since the previous month. This led the price of BTC to fall to even lower lows, taking the price of BTC from 6-digit prices to where it is trading now in the $80,000 price range. Most analysts believe that this is a sure-fire sign that Bitcoin is in a truly bearish state. With bear market signs growing stronger, sentiments have been falling at a rapid pace.
Presently, the market is in an ‘extreme fear’ state, leading the Crypto Fear & Greed Index to show scores so low that they had not even been seen when the FTX and LUNA crashes occured. Most analysts are frustrated by current market movements and have instead zoomed out to look at a much bigger chart. On these charts, they gain clarity that the long-term outlook is highly bullish.
As we can see from the post above, this reputed and popular crypto analyst makes a bullish observation that adds to the long-term bullish narrative. The analyst draws attention to the fact that Bitcoin, on the weekly candle, closed above the 4-year trend key level. This means that BTC is sitting right on the macro long-term trendline that has held the market together for 4 years.
Long-Term Outlook Stays Bullish
Additionally, the analyst continues to state, this level has acted as major resistance 3 times over the last 3 years, now flipping as strong support. So, as long as BTC holds above this trendline, the long-term outlook stays bullish. The video in the post above talks about a prediction made by Raoul Pal, who said that an elongated business and debt cycle will lead to a 35% price drop.
That prediction seems to be playing out now in this continuous price crash. This video explains how BTC will climb higher, crash by 35%, and lead to expectations of the bull market being over during the drawdown. Finally, he concludes that many will say it is all over, but it won’t be. Much like the few bullish analysts calling for another monumental price surge, this video suggests that is exactly what will occur.
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